US Stock Market Today: Dow Retreats From Record High, Nasdaq Slips More Than 1%

The main Wall Street indices opened in the red on Thursday after the Dow Jones Industrial Average hit an all time high during the preceding session.

The tech-heavy Nasdaq Composite traded 0.7% or 158.10 lower at 23,248.36, whereas the wider S&P 500 index slipped nearly 0.5% to trade at 6,819.01.

Dow Jones, which had touched a record high on Wednesday, edged 0.22% or 108.12 points lower to trade at 48,146.70.

As of 8:35 p.m., S&P 500 traded 0.69% lower at 6,803.66 while Nasdaq slumped 1.27% to trade at 23,101, and Dow Jones traded 0.27% lower at 48,126.79

Stocks of IT giants like Nvidia Corp., Palantir Technologies Inc., Microsoft Corp., and Intel Corp. weighed on the indices.

Nvidia traded 3.15% lower at $187.85, while Palantir traded nearly 3% lower at $187.85. Microsoft and Intel traded 0.84% and 2.81% lower at $506.81 and $36.92, respectively.

Oracle's scrip was also down 2.21% while Amazon.com Inc. and Google parent Alphabet were also among the laggards.

On the upside, stocks of Meta Platforms Inc. and Apple Inc., traded in the green 0.65% and 0.53% respectively.

Beyond the IT and tech space, stocks like Tesla and Walt Disney also edged lower.

Spot Gold edged 0.3% higher to trade at $4,196.25, while crude oil prices also rose, with the West Texas Intermediate trading 0.85% higher at $59 a barrel and Brent Crude rising 0.81% to trade at $63.26 a barrel.

After the US markets opened, the Bloomberg Dollar Spot Index fell 0.2% while on the contrary, Euro rose 0.2% to $1.1621. The British pound rose 0.3% to $1.3168 along with the Japanese yen which rose 0.1% to 154.58 per dollar.

Bitcoin, the largest traded cryptocurrency rose 0.4% to $102,316.12